Argentina inflation surges past 200%, hitting highest level in decades
Argentina inflation surges past 200%, hitting highest level in decades
www.nbcnews.com
Argentina inflation surges past 200%, hitting highest level in decades
68 comments
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That sucks, Argentina is such a beautiful place too. I hope they get their stuff figured out.
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Seeing who they voted for, someone set for destroying everything sane, they will sadly not figure anything out any time soon.
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- things are bad
- elect libertarians
- everything gets worse
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Believe it or not, this is better than expected
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"There are four types of countries: developed, underdeveloped, Japan, and Argentina." -Simon Kuznet
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Why is Japan called out? Genuinely curious
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Zombie economy stuff. https://en.wikipedia.org/wiki/Lost_Decades
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Wait so, is this a conjob to later try to switch the country over to some cryptocoin, or was that the stated goal the whole time?
I genuinely feel bad for Argentinians, but jesus christ never put an AnCap in charge of a state.
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Milei has been pretty open about their policies... Unfortunately Argentina's economy is a dumpster fire and neoliberal asshats have been driving it further into the ground. You can think of Argentina's election of Milei as a hail mary... But an extremely I'll advised one.
When you're desperate even insane radical change can seem better than the status quo.
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Wonderful.
I have not had enough time to follow everything about Milei, so it was a genuine question.
My nearest point of reference was El Salvador.
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insane radical changes
-stop printing worthless paper money bills
-cut useless government spending on extremely corrupt practices that permeate all public spending in the country to save money
-reduce spending as the previous economy ministry/presidential candidate left the country reserves in ruins spending 15 thousand millions USD in only 6 months just to try to buy the campaign and still lost.
-rebuild the country's monetary reserves by auditing spend.
Wow the insanity
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Sadly, as economies crash, it takes years, if not decades to repair the damage. Quick fixes or radical changes often just make the problem worse.
It's one of the reasons why Greece is starting to improve after so long in the shit. Their workforce switched to other, stable industries, and due to a mixture of COVID and the global economy dropping, they found themselves finding some semblance of normality.
All economies are different, but Argentina will need to strip away the bullshit, and focus on building something that'll last, with the resources they have. Sadly (and probably rightly so), telling people that the formative years of their lives will be full of unemployment, crushing debt, and no savings to take them into retirement while their kids may have a better outcome isn't a vote winner
- and even if it was, the next election could undo absolutely everything.
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No, it's a DECADE of this.
Narco communist government stopped all free trade and got loans to give many people the dole while selling ports and land to China on the cheap.
GASOLINE is subsidized for many billions usd a year while they don't even have any crude...
It's sooooo many ridiculous laws that stop progress.
NOW CHANCE IS UNDER WAY. HE IS THERE ONLY SINCE LESS AS A MONTH AGO.
All the news the people here in the comments are repeating (without source) IS LEFTISH PROPAGANDA. plz find a real source towards argentinas recent history. There are great easy to understand YouTubes of renowned tubers. Have fun.
Argentina and Ecuador will WIN AGAINST ORGANIZED NARCO CORRUPTION! FREEDOM WILL PREVAIL. THE GOOD PEOPLE ARE MORE.
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Just my prediction a couple of months ago: https://lemmy.ca/comment/5086774 (post was from last November or so ..)
Looks like my guess is tracking so far. Still.... 21 months to go until 500%.
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You got it extremely wrong. Current annual inflation rate is 211%
If the guy takes it to 150%, he gets reelected
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We haven't quite reached the 2 year mark. Still a while to go..
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No, you are uninformed. Milei has changed things by a LOT. may be a year of turbulence but they are OK now.
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I am just pointing out inflation rates and I personally don't care about anything else. Milei said it would take two years to fix the inflation in Argentina, so, I am holding him to it.
What I really think is going to happen is that inflation will not be fixed and he is going to keep blaming the government and "leftists" because of it. It's actually in his best political interest not to fix inflation as it gives him a way to demonize his opponents.
His inflammatory rhetoric is only used to piss people off. It's not that he might actually believe any of the shit that he says. It's in his best interest to keep telling people they are being attacked by his opponents.
"All you have to do is tell them [the people] they are being attacked, and denounce the pacifists for lack of patriotism and exposing the country to danger. It works the same in every country." - Hermann Goering (as quoted by Gustave Gilbert in the Nuremberg Diary)
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This is the best summary I could come up with:
BUENOS AIRES — Argentina’s annual inflation rate sped past 211% in December, official data showed on Thursday, hitting the highest level since the early 1990s as new libertarian President Javier Milei seeks to head off hyperinflation with tough austerity measures.
“We’ve had to eliminate things that made life a little brighter,” said retiree Susana Barrio, 79, adding she no could longer afford to invite her friends for asado barbecues, long a key part of Argentine social life.
While high inflation has dogged Argentina for years, the rate of price increases is now at the highest level since the start of the 1990s, when the country was emerging from a period of hyperinflation, with food prices climbing particularly fast.
President Javier Milei, a political outsider who rode to power on the back of voter anger at the worsening economic situation, is looking to employ tough austerity measures to bring down inflation, reduce a deep fiscal deficit and rebuild government coffers.
“Nothing is cheap,” said Graciela Bravo, a 65-year-old retiree, who said she now carefully counted how many potatoes she bought.
Alejandro Grossi, 49, a lawyer, said he was wearily used to rising prices after years of inflation.
The original article contains 378 words, the summary contains 196 words. Saved 48%. I'm a bot and I'm open source!
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If anyone wants the truth, find a REAL SOURCE ok what's going on in Argentina because this isn't it.
TANKIES ARE DOWNVOTING EVERY COMMENT THAT EXPLAINS HOW BAD THE LAST TEN YEAR WERE AND WHAT CHANGES HAVE BEEN MADE BY MILEI IN THE LAST WEEKS.
SOMEONE CAN BE A BIGOT ANTIGAY AND STILL BE THE BEST OPTION. unfortunately but true. I'm not the boogie man. Go find a better source of info like in depth videos on your tube by renowned tubers. Please... Before posting tankie propaganda
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Their president asks his cloned dogs for advice on how to govern. I'm not surprised in the slightest.
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Well, most of them they did vote for it.
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Hurr durr
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Removed, anti-semitism. Rule 6, 1 day ban.
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All Major economic newsletters consultants predicted extremely high values for December, like iprofesional, they were aiming for December inflation number to be 50%. El crónista, 35 % and up. Many banks going from BBVA to Santander, 40% and up.
Having 25.5% is actually amazingly good results with the car wreck the guy got.
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Were the forecasts evented for him winning or losing?
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68 comments
Good ol' anarcho-capitalism solving everything!
He only assumed office in December. I think he is a whacko but expecting him to have a major change in inflation immediately is a bit ridiculous, don't you think?
He took measures in his first days that produced rises in both food and fuel, two of the biggest components of inflation. You think that may have influenced or not? I mean…
As soon as you get elected literally everything becomes your fault, it's tradition.
No more ridiculous than banning gatherings of more than 3 people or arresting people and making them pay for your jackboot gestapo
He's a wacko for religious and gay and female stuff. Yes. Old values.
BUT EVERYTHING IS BETTER AS 100-200% INFLATION FOR TEN YEARS OF COMMUNIST RULE. basta ya. Let People import things, get them off the dole. Make some money and import and export stuff again.
ARGENTINA WAS/IS A FAILED STATE IN ALL OBJECTS. IF YOU DO NOT KNOW THE SITUATION YOU SHOULD TRY READ UP.
Milei is fixing it in argentina. NOBOA is fixing it in Ecuador.
Give them a fair chance and f off with your communist propaganda it is THE CULPRIT OF THIS 200% INFLATION
(MILEI ALREADY FIXED THAT PARTIALLY BTW, no more difference in exchange rate between street and bank!!)
Russia? The communism is coming from inside the house.